Trump vows to press Xi on soybean dispute as farmers feel the strain

[Soybean]
ithinksky/E+ via Getty Images

President Donald Trump said he plans to raise China’s halt on U.S. soybean purchases when he meets President Xi Jinping at the Asia-Pacific Economic Cooperation summit later this month, calling the issue a top priority.

Farm-state Republicans have been urging the White House to ease tensions after Beijing stopped buying U.S. cargoes, a move that has deepened financial pressure on American farmers. Soybean futures (S_1:COM [https://seekingalpha.com/symbol/S_1:COM]) briefly surged nearly 2% following Trump’s comments on social media, where he accused China of withholding purchases for “negotiating reasons” and criticized President Joe Biden for failing to enforce commitments from the earlier Phase One trade deal.

Trump has floated using tariff revenues to fund aid for growers, though such a plan could face legal hurdles after courts ruled against his broad use of emergency trade powers.

China, the world’s biggest soybean importer, hasn't booked any U.S. shipments so far this season, according to the Department of Agriculture, a first in more than two decades. Last year, China bought $12 billion worth of American soy, representing one-fifth of its imports.

The standoff comes as Washington and Beijing attempt to maintain a fragile trade truce set to expire in November. Analysts warn the impasse could leave farmers caught in the middle as election-season politics collide with international negotiations.

MORE ON SOYBEANS FUTURES

* Oil Falls Amid Signs OPEC+ May Bring Supply Back Quicker Than Expected [https://seekingalpha.com/article/4827114-oil-falls-amid-signs-opec-plus-may-bring-supply-back-quicker-than-expected]
* U.S. Natural Gas Prices Under Pressure [https://seekingalpha.com/article/4824307-us-natural-gas-prices-under-pressure]
* Oil Holds Decline After Fed Rate Cut [https://seekingalpha.com/article/4823923-oil-holds-decline-after-fed-rate-cut]
* China’s commodity imports rise in August, soybeans hit 3-month high [https://seekingalpha.com/news/4492926-chinas-commodity-imports-rise-in-august-soybeans-hit-3-month-high]
* U.S. soybean prices surge after Trump says China should quadruple orders [https://seekingalpha.com/news/4483551-us-soybean-prices-surges-after-trump-says-china-should-quadruple-orders]